2018 Q3 Form 10-Q Financial Statement

#000114420418059372 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $3.621M $4.589M
YoY Change -21.09% 25.52%
Cost Of Revenue $2.526M $3.156M
YoY Change -19.96% 44.77%
Gross Profit $1.095M $1.433M
YoY Change -23.58% -2.78%
Gross Profit Margin 30.24% 31.23%
Selling, General & Admin $751.0K $720.3K
YoY Change 4.26% -2.66%
% of Gross Profit 68.58% 50.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $186.5K $179.8K
YoY Change 3.71% 1.34%
% of Gross Profit 17.03% 12.55%
Operating Expenses $751.0K $720.3K
YoY Change 4.26% -2.66%
Operating Profit $344.1K $712.7K
YoY Change -51.72% -2.91%
Interest Expense $90.25K $100.4K
YoY Change -10.12% -155.79%
% of Operating Profit 26.23% 14.09%
Other Income/Expense, Net -$85.97K -$98.96K
YoY Change -13.12% -1089.58%
Pretax Income $258.1K $613.7K
YoY Change -57.95% 9.59%
Income Tax $77.37K $245.5K
% Of Pretax Income 29.98% 40.01%
Net Earnings $180.7K $370.0K
YoY Change -51.16% -32.73%
Net Earnings / Revenue 4.99% 8.06%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 28.82M shares 28.82M shares
Diluted Shares Outstanding 30.15M shares 29.73M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $2.490M
YoY Change -43.78% -12.32%
Cash & Equivalents $1.401M $2.490M
Short-Term Investments
Other Short-Term Assets $430.6K $550.0K
YoY Change -21.71% 57.14%
Inventory $2.119M $3.410M
Prepaid Expenses
Receivables $817.7K $2.180M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.33M $8.630M
YoY Change 19.66% 34.84%
LONG-TERM ASSETS
Property, Plant & Equipment $5.059M $5.370M
YoY Change -5.8% 17.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.116K $2.430M
YoY Change -99.91% 182.56%
Total Long-Term Assets $7.407M $7.800M
YoY Change -5.04% 43.38%
TOTAL ASSETS
Total Short-Term Assets $10.33M $8.630M
Total Long-Term Assets $7.407M $7.800M
Total Assets $17.73M $16.43M
YoY Change 7.93% 38.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.031M $380.0K
YoY Change 171.43% -35.59%
Accrued Expenses $787.7K $1.010M
YoY Change -22.01% -14.41%
Deferred Revenue $2.394M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $790.0K $740.0K
YoY Change 6.76% 19.35%
Total Short-Term Liabilities $5.005M $2.960M
YoY Change 69.08% -26.55%
LONG-TERM LIABILITIES
Long-Term Debt $3.810M $4.550M
YoY Change -16.26% 4.6%
Other Long-Term Liabilities $10.00K
YoY Change -66.67%
Total Long-Term Liabilities $3.810M $4.560M
YoY Change -16.45% 4.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.005M $2.960M
Total Long-Term Liabilities $3.810M $4.560M
Total Liabilities $8.810M $7.510M
YoY Change 17.31% -17.47%
SHAREHOLDERS EQUITY
Retained Earnings $237.8K
YoY Change
Common Stock $2.882K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.921M $8.915M
YoY Change
Total Liabilities & Shareholders Equity $17.73M $16.43M
YoY Change 7.93% 38.77%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $180.7K $370.0K
YoY Change -51.16% -32.73%
Depreciation, Depletion And Amortization $186.5K $179.8K
YoY Change 3.71% 1.34%
Cash From Operating Activities -$390.0K -$30.00K
YoY Change 1200.0% -175.0%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K -$640.0K
YoY Change -79.69% 481.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$130.0K -$640.0K
YoY Change -79.69% 481.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -190.0K -180.0K
YoY Change 5.56% -460.0%
NET CHANGE
Cash From Operating Activities -390.0K -30.00K
Cash From Investing Activities -130.0K -640.0K
Cash From Financing Activities -190.0K -180.0K
Net Change In Cash -710.0K -850.0K
YoY Change -16.47% 4150.0%
FREE CASH FLOW
Cash From Operating Activities -$390.0K -$30.00K
Capital Expenditures -$130.0K -$640.0K
Free Cash Flow -$260.0K $610.0K
YoY Change -142.62% 306.67%

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<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 1 - DESCRIPTION OF BUSINESS</div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of Ranor, Inc., or Ranor, a Delaware corporation and Wuxi Critical Mechanical Components Co., Ltd., or WCMC, a wholly foreign owned enterprise.&#160;TechPrecision, WCMC and Ranor are collectively referred to as the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We manufacture large scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including defense, aerospace, nuclear, medical, and precision industrial.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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payments on the Term Loan began and will be made in 60 monthly installments of $19,260 each<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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dei Entity Filer Category
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dei Trading Symbol
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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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dei Document Type
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dei Amendment Flag
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dei Document Period End Date
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2018-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
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dei Entity Registrant Name
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TECHPRECISION CORP
dei Entity Central Index Key
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
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CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
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CY2017Q2 us-gaap Stockholders Equity
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